| SEC Loses
Trial Against Nomuru Trader Im Whose
Lawyer Analogized NFL Draft Special Sauce
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC-Guardian
UK - Honduras
- ESPN
NY
Mag
SDNY COURTHOUSE,
May 6 – After a nearly
two week jury trial, the
Securities and Exchange
Commission's case against
Nomura trader James Im fell
apart on May 6 with total
exoneration by the jury. Inner
City Press live tweeted it,
thread here
defense lawyer in
SEC v. James Im, 17-cv-3613,
is saying that the fancy
investment moves of his client
were like teams using "special
sauce" to make picks in the
NFL draft...
May 6: In SEC v.
Im case, jury has sent a note
asking about about Element 2,
materiality, and "page 11, 2d
paragraph." Judge Oetken is
soliciting proposed answers.
The lawyers for
Im have asked for 10
minutes to come up with a
proposed answer to jury's
questions. Judge Oetken urges
them to confer with the SEC
lawyers too; grants the 10
minutes.
In SEC v. Im,
another note. The jurors want
to know if a finding of
materiality is needed on both
Claims 1 and 2, and how these
are connected to Claims 3 and
4....
In SEC v.
Im, jury has asked for a clean
copy of the verdict form,
saying notes were mistakenly
taken on the one they have.
They want a cross-examination
transcript and state that they
need to leave at 4:30 today.
So - no verdict today? In any
case?
Verdict 2 (of the
day @SDNYLIVE ) is
coming - in SEC v. Im, Judge
Oetken says, we have a
verdict. Bring out the jury.
Clerk: Did
Mr. Im violate the law(s)?
Foreperson: No. No. No - on
all questions. Jury released
after two week trial...
Previously:
"Washington D.C., May 15, 2017
— The Securities and Exchange
Commission today charged a
pair of former head traders
who ran the commercial
mortgage-backed securities
(CMBS) desk at Nomura
Securities International Inc.
with deliberately lying to
customers in order to inflate
the profits of the CMBS desk
and line their own pockets as
a result. The SEC
alleges that James Im and Kee
Chan each misrepresented price
information while acting as
intermediaries on trades with
Nomura’s customers who sought
to buy and sell CMBS on the
secondary market. In
certain instances, Im and Chan
allegedly pretended they were
still negotiating bond
purchases with a third-party
seller at higher prices when
Nomura had already acquired
the bonds at a lower
price. The SEC alleges
that in one instance, Im
bragged about his purposeful
deception of a customer, and
Chan once altered an email to
a customer to prop up his lie
about the bid price for a
bond. According to the
SEC’s complaints, Chan and Im
fraudulently generated more
than $750,000 in extra trading
profits for the CMBS desk, and
they received substantial
bonuses based largely on the
desk’s performance. Chan
agreed to settle the charges
by paying $51,965 in
disgorgement plus $11,758 in
interest and a $150,000
penalty. Without
admitting or denying the
allegations, Chan also agreed
to be barred from the
securities industry with the
right to reapply after three
years. The settlement is
subject to court
approval. The case
continues against
Im."
Chan must regret
it. The case is SEC v. Im,
17-cv-3613
(Oetken)
***
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